Catch Founders To Launch Website For Brands
The brains behind the wildly popular retail site Catch.com.au are investing in a new online store named Little Birdie, 18 months after selling their business to Wesfarmers for $200m.
Gabby and Hezi Leibovich offloaded Catch Group in June 2019, only to watch it skyrocket in value to $2 billion during the COVID-19 pandemic.
But now their sights are set on Little Birdie, an ecommerce brand the brothers hope will be the “internet’s front page” for online shopping, according to The Australian Financial Review.
Top-tier brands are already on board, including Apple, Samsung, Nike, Adidas and ASOS.
The Leibovich brothers earned a cool $200 million with the sale of Catch Group and received a $206 million windfall from their 25% stake in Menulog.
They told the publication Little Birdie could even surpass Catch.com.au in sales and are looking into branching out globally to compete with the likes of Amazon and Alibaba.
Despite the pair having enough money to retire comfortably, they both saw the potential in retail business surge during the pandemic.
“We’ve discovered during 2020 that we are too young to retire and put our feet up,” Gabby told the AFR.
Catch.com.au sales were up by 114% this year, while similar players such as Kogan enjoyed a blockbuster 2020.
And despite Catch Group now being worth an estimated $2 billion, the brothers don’t seem to regret the early sale.
“We play our hands the best way possible, and now we look back we say ‘sure if we would’ve just sat on our bums for a year, the business would have been worth $2 billion and we wouldn’t really have to do anything smart or anything new’ because of a pandemic,” Gabby added.